Bitcoin Crashed and Brought the Whole Market Down
The price of Bitcoin crashed on Friday, continuing a steady downward spiral that has lasted all week. True bitcoin believers just shrugged it off, while other latecomers are feeling some pain. Currently, bitcoin’s is priced at $11,709 just yesterday, which has now increased to $14,600 today. The figure, of course, will be different in a matter of moments.
The number one cryptocurrency hit a record high of $19,857 earlier this week. It’s now down 33 percent for the week, and 41 percent for the month. Scanning the prices of the top 100 cryptocurrencies on CoinMarketCap, you’ll see those percentages echoing for all the altcoins over the last 24 hours.
While the mainstream news has kept track of every new record set by bitcoin, the really big money this year has been in the altcoins that don’t get as much attention. At its peak this week, bitcoin was up around 2,000 percent for the year, Ethereum is up 7,400 percent at the moment, and Litecoin is up 5,500 percent. Newer, more obscure offerings like IOTA and Ripple have had similar, crazy runs. What’s different about today’s chaos is that you’ll often see bitcoin’s price swing low as people hedge on other cryptocurrencies, but today it’s all a mess.
We’re also likely seeing the “bitcoin whales” finally cashing out. A thousand people own 40 percent of the bitcoin market and when that price edged toward $20,000, the writing was on the wall.